Gold price closes firm

Karachi-Pakistan (Jan 29)  The price of gold on international and domestic markets remained steady on the back of improved buying while hedging put the market under mixed sentiments.

Price remained favourable for buyers in international and domestic markets during the trading session and gold closed at $1,191 an ounce with an $8 upward variation while domestic bullion price also witnessed a firm trend.

Gold in tola terms was up by Rs 306 per tola to stay at Rs 46,761 per tola while in grammage value, gold up by Rs 262 per ten grams to close at Rs 40,132 per ten grams respectively, dealers said.

The general gold price remained firm as potential traders in international and domestic markets made deals and there were some signs of a firm market in the coming days. The potential buyers remained busy in hedging as they were maintaining the market mechanism. The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating easing in price in coming days on dollar-rupee parity.

Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.

Source: DailyTimes